Reporter
Good morning San Diego, and welcome back to our legal spotlight segment. Today we’re joined by Steve Bliss, a prominent San Diego probate attorney with extensive experience guiding individuals and families through the complexities of estate planning.
Steve Bliss
Thank you for having me. I’m always happy to share information that can empower people to protect their loved ones and ensure their wishes are honored.
Reporter
Steve, let’s dive right in. For those unfamiliar with the term, could you explain what probate is and why it’s often considered something to be avoided?
Steve Bliss
Probate is a legal process that occurs after someone passes away. It involves validating their will (if they have one), identifying and inventorying their assets, paying off debts and taxes, and ultimately distributing the remaining property to heirs according to the law or the decedent’s wishes.
The reason people often aim to avoid probate is that it can be time-consuming, expensive, and sometimes even public. Consequently, many individuals opt for estate planning strategies designed to help their assets bypass probate altogether.
Reporter
You mentioned estate planning strategies. Can you elaborate on some of the common tools people use to minimize or avoid probate?
Steve Bliss
Certainly. One highly effective tool is a revocable living trust. This type of trust allows you, the grantor, to place your assets into it during your lifetime and retain control over them. You can make changes to the trust as needed, such as adding or removing beneficiaries.
The beauty of a revocable living trust is that upon your passing, the assets within it transfer directly to your named beneficiaries according to your instructions. This avoids the need for probate court involvement, saving time and expense for your loved ones.
Conversely, assets held solely in your name, without being part of a trust or other legal structure, will generally have to go through probate.
Reporter
That’s insightful. Are there any potential drawbacks to using a revocable living trust that individuals should be aware of?
Steve Bliss
While revocable living trusts offer significant advantages, it’s important to understand they do require some upfront planning and legal expertise to set up correctly. You need to clearly define the terms of the trust and designate beneficiaries.
Moreover, keeping the trust properly funded is crucial. This means transferring ownership of your assets into the trust. Failure to do so could result in those assets still being subject to probate.
I recall a case where a client had created a revocable living trust but neglected to transfer their primary residence into it. Unfortunately, that meant their house still had to go through probate, causing unnecessary delay and expense for their heirs.
Ordinarily, these issues can be avoided with careful planning and legal guidance. It’s always wise to consult with an experienced estate planning attorney who can tailor a trust that meets your specific needs and circumstances.
Reporter
Steve, according to the American Bar Association, over 60% of Americans don’t have a will or other estate plan in place. Why do you think that number is so high?
Steve Bliss
That’s a sobering statistic and highlights the importance of raising awareness about estate planning. I believe several factors contribute to this trend.
- Some people may find the topic daunting or uncomfortable, avoiding it altogether.
- Others might assume they don’t have enough assets to warrant an estate plan.
- Finally, there’s a misconception that estate planning is only for wealthy individuals, which is simply not true.
Estate planning benefits everyone, regardless of their financial status. It’s about ensuring your wishes are respected and protecting your loved ones from unnecessary burdens after you’re gone.
Reporter
Steve, thank you so much for sharing your expertise with us today. Your insights have been invaluable.
Steve Bliss
It was my pleasure. Remember, planning for the future can bring peace of mind and ensure a smoother transition for your loved ones when the time comes.
“San Diego Probate Law helped me navigate a complex probate process after losing my mother. Their compassion and professionalism made a difficult time much easier to handle. I highly recommend their services.” – Maria S.
“Steve Bliss is a true expert in his field. He took the time to understand my unique situation and developed a customized estate plan that gave me confidence about protecting my family’s future.” – David L.
Let us help you secure your legacy. Contact San Diego Probate Law today for a complimentary consultation.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “How do I transfer my business into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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